Answers the questions

EXCEL EXERCISES X 35 15.) The financial records of the Colonial Restaurant reveal the following figures for the year ending December 31, 20xx: Depreciation, $25,000 Food sales, $375,000 Cost of beverages sold, $30,000 Other controllable expenses, $60,000 Salaries and wages, $130,000 Beverage sales, $125,000 Employee benefits, $20,000 Cost of food sold, $127,500 Occupancy costs,$55,000 a. Following the form illustrated in Figure 1.1, prepare a statement of income for the business. b. Determine the following percentages: Food cost percent Labor cost percent (p?yroll, plus payroll taxes and employee benefits) Beverage cost percent Combined food and beverage cost percent Percentage of profit before income taxes c. Assuming the restaurant has 75 seats, determine food sales per seat for the year. 16. Define the key terms in this chapter